Acquisition of 35% in SDIC New Energy

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The project involves the acquisition of a 35% equity interest in SDIC New Energy from China state-owned investment holding company State Development Investment Corporate Group (SDIC). The buyer is Singaporean energy and urban developer Sembcorp Industries, through its entity Sembcorp Energy (Shanghai) Holding. SDIC Power, the Shanghai-listed power division of SDIC, will continue to hold the remaining 65% in the company. SDIC New Energy is the holding company of a portfolio which comprises 30 operational wind (1.88GW) and solar PV (288MW) assets with a combined installed capacity of about 2.17GW in seven provincial regions in China. The total value of the transaction is $236 million (Rmb1.5 billion). The share purchase agreement was announced in December 2021 and the transaction was completed in January 2022. https://www.power-technology.com/news/sembcorp-industries-sdic/ https://www.sembcorp.com/en/media/765304/sci_1h2022_results-slides.pdf https://www.sembcorp.com/en/media/597872/sci-energy-and-water-assets.pdf IJGlobal: Strategic closes invest in nearly 2GW China power portfolio